Aug 22/Reuters - Moody's Investors Service downgraded the credit ratings of two units of Odebrecht SA, the engineering and construction company and the financial holding entity, citing liquidity and reputational risks for the Brazilian conglomerate, which is one of the main targets of the country widest-ever corruption probe. The downgrades affect $3.1 billion in debt... Continue Reading →
Brazil’s Corruption Probe Causing Paralysis, GE’s Rice Says
Brazil’s two-and-a-half-year investigation of construction companies is hampering new infrastructure in Latin America’s biggest economy and the wider region, where Brazilian builders have a dominant presence, said a top executive at General Electric Co. “There’s a certain amount of paralysis that exists now because of Carwash, and the damage of continuing that for years and... Continue Reading →
Brazil inflation seen steady in mid-August on high food prices
Brazil's inflation rate likely remained around 9 percent in the 12 months through mid-August, far above the official target but probably still on track to ease in coming months as the recession grinds on, economists said in a poll on Monday. Consumer prices, as measured by the IPCA-15 index BRIPCA=ECI, probably rose 8.97 percent in... Continue Reading →
Demand for Non-corrosive Pipes Will Drive the Global Flexible Pipes Market for Oil and Gas Industry Until 2020, Says Technavio
August 18, 2016 11:23 AM Eastern Daylight Time LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global flexible pipes market for the oil and gas industry is expected to post a CAGR of nearly 4% by 2020. Global flexible pipes market for the oil and gas industry is expected to post... Continue Reading →
Exxon, Chevron, Hess in Joint Bid for Mexican Oil
Exxon Mobil Corp., Chevron Corp. and Hess Corp. have agreed to bid together for rights to drill for crude in Mexico’s deepwater oil areas, according to a person with direct knowledge of the plans. The three U.S.-based producers have reached a Joint Operating Agreement, which allows the consortium to bid to produce oil in the 10... Continue Reading →
Pemex Woes Snowball as Cash Crunch Deepens Production Plunge
Petroleos Mexicanos’ deteriorating finances are poised to get much worse, signaling no end in sight to years of declining oil production. The company’s output may dwindle to about 1.6 million barrels a day by 2020, less than half its 2004 peak, because it lacks the technology and funds to revamp aging fields, Morgan Stanley analysts... Continue Reading →
The Gold Medal for Buying Up Brazilian Assets Goes to China Inc.
China may be lagging behind in the medal count during this year’sOlympic games in Rio de Janeiro, but it’s winning the competition for Brazilian assets. No country has done more acquisitions in Brazil this year than China, which grabbed the No. 1 ranking by deal value for the first time on record, according to data... Continue Reading →
Brazil seizes $655 mln in assets from Odebrecht, OAS, executives
Brazil's federal auditing court TCU ordered on Wednesday the seizure of about 2.1 billion reais ($655 million) worth of assets from engineering firms Odebrecht SA and OAS SA and some of their executives, to recoup losses from contracts related to the country's biggest ever corruption scandal. Brasilia-based TCU said in a ruling that the decision... Continue Reading →
BP to Halliburton in ‘Barroom Brawl’ as Drillers Slash Costs
Mad Dog, BP Plc’s drilling project deep in the Gulf of Mexico, could be Exhibit A in the oil industry’s war on cost. When the British oil giant announced the project’s second phase in 2011, it put the price at $20 billion. Last month, after simplifying plans and benefiting from a sharp drop in everything... Continue Reading →
Canada’s Brookfield to buy Odebrecht Ambiental
Canada's Brookfield Asset Management has signed a preliminary contract to buy Brazilian engineering conglomerate Grupo Odebrecht's 70 percent stake in water and sewage group Odebrecht Ambiental, an industry source told Reuters on Wednesday. The source said the deal was done at an equity value of 5.3 billion real ($1.65 billion), which implies an earnings before... Continue Reading →
